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THE EUROPEAN COMMISSION has highlighted the importance of secure and transparent ways of paying for goods and servces electronically – saying that the way Europeans shop and pay is “radically changing”.
More than 700 million payment cards are in use throughout the European Union and the number of smartphone owners is increasing – creating tremendous opportunities for business in the zone, the Commission said. In a bid to create more efficient, modern and safer means of payments, it has called on stakeholders and the public to suggest ways to overcome obstacles to further market integration.
In a new Green Paper assessing the current landscape of card, internet and mobile payments in Europe, the Commission has identified several areas where market integration could be improved:
“Europe has an opportunity to be at the cutting edge of what ‘making a payment’ could mean in the future. However, we will not be able to reach this goal with the current level of market fragmentation,” Internal Market and Services Commissioner Michel Barnier said. “Secure, efficient, competitive and innovative electronic payments are crucial for consumers, retailers and companies to fully enjoy the benefits of the single market as well as to drive the growth of e-commerce.”
Barnier said the consultation being launched was in line with the Commission’s mandate focusing on growth and job creation and building on the achievements already made in the field of retail payments.
Vice President of the European Commission Joaquín Almunia said inefficient payments systems within the European Union unduly raise transaction costs, undermine the global competitiveness of the European economy, and limit its potential for growth. “Europe’s consumers, merchants and companies deserve payment services in tune with the 21st century: transparent, with genuine value-added and making the best use of our technologies,” he said.
Financial services giant Mastercard has welcomed the call for dialogue: “The payments industry is dynamic and competitive and we support public dialogue on the critical role electronic payments play in commerce and society. This is even more important today as Europe continues on a journey towards economic recovery,” commented Javier Perez, president of MasterCard Europe.
The deadline for submitting contributions to the consultation is 11 April 2012.
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Airlines make up a vast amount of this online payment business. They should be banned from making up ficticious credit/debit card charges .credit card companies charge them a maximum of 2% yet they charge the consumer per leg or per person traveling
I love using the laser card because it allows you to see in a neat list what you have spent your money on. What annoys me is the 10 euro minimum most shops put on card transactions. If I want to buy 2ltrs of milk and a loaf of bread, many small shops will not let me use the card.
Also a big fan of the laser card but its being killed off slowly by the banks.
Banks realised that people where ditching their credit cards for laser cards because laser cards cant be charged rip off interest rate charge’s for buying stuff online and for taking money outta the hole.Any shop that try’s to tell me I have to spent €10 because of my laser Its simple I walkout.
None of that crap in America. I got my BOA card and I can use it for everything. Quick swipe and it’s done.
Laser is being replaced by Visa Debit cards which are much better as they actually exist outside of Ireland and can be used online. They are a debit card so no interest rates are charged, which makes your argument invalid Eugene. Laser was always a poor solution to a problem that is finally being rectified.
It also makes sense for shops to have a minimum transaction before allowing you to use cards. They get charged for every transaction they make using cards, if your not spending enough for it to be worth their while, they’re not going to bother letting you pay by card. It’s also bloody frustrating waiting behind somebody paying for a carton of milk with a card.
@ObligPic Yeah I looked that up and hold my hand up I was wrong.I shall be going to the bank.
I never knew that it existed I thought it was only a visa/credit card.Link here about Q&As http://www.boards.ie/vbulletin/showthread.php?p=70278084.
Its a slash credit/debit card I think.
I had a lot off crap with extra charges with credit cards what have you that’s why I really only stuck with paying with laser.
@ObligPic surely would would make more sense for the banks to reduce their charges for the use of debit cards and for them to eliminate minimum charges rather than shops imposing minimum spends on their customers.
By the way, its bloody annoying to be stuck behind someone buying a bottle of milk and they are turning out their pockets looking for cash then counting out the amount.
Bring on NFC so I can get rid of carrying cash in my pocket
Great stock photo of an iPhone 2g, is that because it was 5 years old yesterday or just cheap to use?
Seriously Eamonn, does the image matter or are you just being pedantic for the sake of it. Why not make a comment on the actual story? Something with a bit of relevance.
I agree with Jerry there, airlines use credit card charges as a method of fleecing us. Let’s not forget the charges for buying a concert ticket as well. Ridiculous.
I’ve read through the article and haven’t learned anything about ‘how Europeans shop and pay is radically changing’ – just some Brussels bull about more integration.
There is not only NFC; have a look at SEQR the new QR code based mobile payment system from http://www.seamless.se
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